Torrevieja Property Market 2024: Key Insights for Buyers
The property market in Torrevieja is booming, and for those looking to invest in Spanish real estate, now is a great time. Known for its sunny climate, beautiful beaches, and vibrant expat community, Torrevieja has become a sought-after location for both holiday homes and permanent residences. In 2023, the market showed strong performance with a total of 7,144 homes sold, and the first quarter of 2024 is already off to a promising start with 1,667 properties changing hands.
Current Trends in Torrevieja’s Real Estate Market
Torrevieja boasts an impressive number of properties, with 122,736 homes across the town. This variety offers something for every type of buyer, whether you are looking for a small holiday apartment near the coast or a spacious villa for permanent residence. Despite a large housing inventory, the market remains active, with 4% of properties sold on average each year. This consistent activity is driven by both local Spanish residents, who make up 60% of the population, and a growing number of international buyers who are attracted to the area’s lifestyle and affordability.
2023: A Year of Strong Sales
The year 2023 saw an impressive volume of transactions in Torrevieja. With 7,144 homes sold, this represents a solid year for the real estate market in the town. This surge is partly driven by attractive property prices compared to other regions in Spain and the consistent demand from both Spanish nationals and expats. As more people seek out coastal living, particularly retirees and those looking for second homes, Torrevieja has positioned itself as an ideal destination. The proximity to Alicante and the well-established local infrastructure are additional draws for buyers.
2024 Outlook: What to Expect
The first quarter of 2024 has already seen the sale of 1,667 properties, indicating that the strong performance of 2023 is likely to continue. This consistent demand is expected to maintain a competitive environment, particularly for buyers seeking beachfront or city-center properties. While there is a wide variety of homes available, prime locations are always in high demand, and prices may increase as a result. For those considering an investment, acting sooner rather than later may prove advantageous as property values rise.
Why Torrevieja Appeals to Buyers
Torrevieja offers a unique blend of affordability, lifestyle, and investment potential. For Spanish nationals, it’s a coastal town with all the conveniences of modern living, while international buyers are drawn by the year-round sunshine and the welcoming atmosphere of the town’s multicultural community. Its lower cost of living compared to other Spanish coastal areas, combined with a strong property market, makes it a perfect location for both retirees and investors looking for a rental income. With new developments on the horizon, the market looks set to continue its positive trajectory.
Purchasing a property for sale in Torrevieja, Spain?
Click on one of our links below, call us or fill in this form (CLICK HERE) and we will get back to you by return
Apartments for sale in Torrevieja Townhouses for sale in Torrevieja
Contact Cool Casas today
Phone/Whatsapp +34 659 65 62 13
email us, Email: Kate@coolcasas.net